Editorial & Words: GST rates

Posted on 20-May-2017


GST rates: welcome clarity, at last

The long wait for the new indirect tax rates that will apply to thousands of goods and services is finally over. The Goods and Services Tax Council that met in Srinagar has released details of the rates at which over 1,200 goods will be taxed when the GST regime takes effect. The rate fitment process has been a subject matter of speculation for months now, accompanied by fears that the new tax rates and slabs would be influenced by special interest lobbies. So it is welcome that the government has offered better clarity. The July 1 rollout of the tax also looks more likely now with the GST Council showing its intent to get things going. Under the new structure, judging from read more...

 

List of words with well explained meaning

S/N Word Meaning
1 speculation Guesswork , to guess about something which is not clearly known
2 Accompany To escort or to guide
3 Influence Impact, wrong doing always results negative influence
4 Lobby Spacicous room typically entrance of a building
5 Intent Purpose or intention
6 Consumption Utilization
7 Prevalent Something which is known to all and widly accepted. common
8 Disparity A huge difference;inconsistency or inequality
9 Rigging Supportive wire or rope for yards and sails.
10 Discretionary Optional, not fixed by rules.

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